Parag Agrawal will receive $42M if fired by Elon Musk
Will Parag Agrawal continue as the CEO of Twitter? This has become a hot topic of discussion after news of Elon Musk's takeover of the company started doing rounds. Research firm Equilar has now claimed that Agrawal will receive an estimated $42 million if the company sacks him within 12 months of the change in control. He took charge as CEO in November 2021.
Why does this story matter?
- In a security filing on April 14, Musk had expressed his lack of confidence in Twitter's management. This has triggered speculation on the future of Agrawal, the current CEO of the social media platform.
- If he is sacked, he will become one of Twitter's shortest-serving CEOs. And as per Equilar's claim, he won't be leaving the company empty-handed.
Agrawal is not expected to step down until deal closes
In a meeting with worried Twitter employees on Monday, Agrawal told them that he doesn't know the direction in which the company will be heading once the deal is closed. He is expected to remain in charge at least until Musk and Twitter's board iron out fine details of the transaction. According to Agrawal, that could take up to six months.
He became the CEO of Twitter in November
Agrawal became the CEO after co-founder Jack Dorsey stepped down from the position. Previously, he was the Chief Technology Officer of the company. As CTO, his annual compensation for 2021 was $30.4 million, consisting largely of stock awards. Equilar's estimate of Agrawal's $42 million (around Rs. 321 crore) severance package includes his base pay plus accelerated vesting of all equity awards.
Twitterati jokes at Agrawal's expense
The uncertainty over Agrawal's future in Twitter was not left unnoticed by Twitterati. Users across the globe have flooded the microblogging site with memes and jokes about the pickle that the CEO has found himself in.